Proof of winnings is no longer enough!

[ShaunWhite]

The 'Betfair' affordablity checks aren't a thing Betfair have much control over.

Emailing the CEO has been a good option for many though

Yes as i said they aren't keen about this either so that's a good option. The big mistake I think they're making, as usual, is not having a dedicated "cockup line". It leaves people guessing and naturally the fingers point at them when the big picture isn't always so clear cut.

[Crazyskier]

I've said this before, but by going the sole trader route (free Starling business and personal accounts, BTW) and paying yourself by withdrawing profits to Paypal then Paypal to business account and then business account to personal account, there is no almost zero negative impact on one's credit score, other than 'employed' being considered safer than 'self employed' for lending purposes.

The worst that happens with any credit application is the lenders do an 'open banking' check of income into personal, or you can usually provide 3 months' worth of business banking statements which simply show Paypal as the legitimate method of income.

The level of income declared to HMRC and therefore tax liabilities are your own concern, however this route as suggested does allow you to continue with the old NI contributions, which can be very important as one approaches retirement.

CS

In the trading what i see thread… just search paypal on the forum!

Thanks, but unless I have misunderstood, this is more about keeping a good credit record and applying for credit isn't it? It seems I need to demonstrate employment income through payslips and a P60.

Your payslips aren't required in my scenario.Business (sole trader) bank account statements suffice. I've worked and gambled / traded this way for years with zero issues. Many businesses use Paypal too, so they have no way of knowing where those Paypal funds come from. Feel free to PM me with any more detailed questions - happy to help.

CS

[Derek27]

It also doesn't help when you have high profile ex sportsmen crying about their gambling addictions

It is all part of the current lobbying process to try and influence the current gambling review.

An article from last week that might be of interest to people on this thread:

The plot against gambling: how a powerful lobby is out to change betting forever
https://www.racingpost.com/news/insight ... ver/523758

I wish those writers would get to the point of the article rather than waffling on about what colour dress the good lady's wearing.

[Derek27]

In the trading what i see thread… just search paypal on the forum!

Thanks, but unless I have misunderstood, this is more about keeping a good credit record and applying for credit isn't it? It seems I need to demonstrate employment income through payslips and a P60.

Your payslips aren't required in my scenario.Business (sole trader) bank account statements suffice. I've worked and gambled / traded this way for years with zero issues. Many businesses use Paypal too, so they have no way of knowing where those Paypal funds come from. Feel free to PM me with any more detailed questions - happy to help.

CS

Do you have access to the internet from prison or have you been released?

[weemac]

Do you have access to the internet from prison or have you been released?
[/quote]

Exactly my thoughts as I read this story yesterday:

8-year ban for Glasgow director who failed to keep records

Nature of the business could not be established, and nearly £500,000 was unaccounted for.

Rashid Munir, 42, also known as Mohammed Rashid Munir, from Glasgow, was a director of Yo Retail Ltd, which purported to trade from a business unit in Strathclyde Business Park. The business was wound up in May 2019 following a petition by a creditor, however it proved impossible for the liquidator to confirm what the business did, or the period it operated.

Rashid Munir failed to co-operate with either the liquidator or the Insolvency Service in its subsequent investigation, and no company accounting records were provided.

The company’s last filed accounts showed assets totalling £763,139 but in the absence of the accounting records, neither the liquidator nor the Insolvency Service were able to establish what had become of these.

Only one company bank account could be identified, with Rashid Munir being the sole signatory. This was open for less than 3 months yet nearly £500,000 moved through it during that period. However, the lack of accounting records, together with Rashid Munir’s failure to co-operate with enquiries, meant it was impossible to ascertain whether any of the deposits or withdrawals were for legitimate business income and expenditure.

As a result, by Order of the Lord Ordinary, Rashid Munir was disqualified for a period of 8 years, effective from 21 October 2021.

Rob Clarke, Chief Investigator of the Insolvency Service, said:

Companies are under a legal duty to account for their income and expenditure and fulfilling that duty is a key component of the role of a director; there is no place in the corporate arena for those who neglect their responsibilities in this area.

All too often the lack of records to explain transactions is used to cover up other, more serious misconduct and we cannot determine whether that was the case at Yo Retail, a fact which is reflected in the lengthy ban now in place.

[Derek27]

Was that you CS?

[jamesedwards]

Was that you CS?

It can't be illegal to transfer money from Betfair to Paypal to a Business account. And surely there is a full audit trail that can be shared with the powers that be if they stick their nose in?

[ilovepizza82]

If they are waiting with the review till January then it cant be any good news then.
When someone wants to sack you they wont do it in December. They will do it in January for obvious reason.

[Crazyskier]

Was that you CS?

It can't be illegal to transfer money from Betfair to Paypal to a Business account. And surely there is a full audit trail that can be shared with the powers that be if they stick their nose in?

It's not remotely illegal, or I wouldn't do it! My personal circumstances are such that I have to remain 'of good character' at all times (I'm 'on the square' for those that know what that means), and wouldn't remotely entertain anything untoward or illegal. The point is that withdrawing winnings to Paypal and from there to a SOLE TRADER account (note this is different to a limited company account), and in turn from the sole trader business account to a personal account allows for all of the necessary credit profiles at Experian, Trans Union and Equifax to be kept fully up to date and sole trader business account proves a 'self-employed' income, with the personal account showing an income also!

Of course tax returns and self employed NI contributions must be maintained, however I recommend a clever accountant for this; though I sometimes do self assessment for years where the income is below say, £50k.It's surprising what you can claim as legitimate taxable allowances when working from home : - )

CS

[PDC]

Affordability checks all but guaranteed to be brought in industry wide:

Minister for Tech and the Digital Economy Chris Philp’s speech to the GambleAware conference today:

To be workable and prevent harm, affordability checks need to be proportionate. As the Commission has said, demanding payslips or bank statements from every customer spending £100 or so is likely to be unwelcome, disruptive and disproportionate to the risks. But there is a level that is appropriate.

[Tetras]

Affordability checks all but guaranteed to be brought in industry wide:

Minister for Tech and the Digital Economy Chris Philp’s speech to the GambleAware conference today:

To be workable and prevent harm, affordability checks need to be proportionate. As the Commission has said, demanding payslips or bank statements from every customer spending £100 or so is likely to be unwelcome, disruptive and disproportionate to the risks. But there is a level that is appropriate.

Do amazon have to do affordability checks now if you buy an xbox, or get a doctor's report before you buy any wine from Tesco? Though I guess it's the same with banks and money laundering when real 'criminals' are allowed to deposit tens or hundreds of millions

[PapaShango]

Affordability checks just seem pointless.

They have only just banned credit card betting ( which was an absolutely crazy idea to begin with ). That should be the end of an affordability check. So long as it’s your money, and you are not borrowing / or have stolen it , then it’s up to the individual how much they can afford to lose.

It makes no sense, it’s just an unnecessary intrusion of privacy, in an age where we are told to keep all our bank details and sensitive information private.

Your bank will never call you and ask you for your personal details, though your bookmaker might.

[PDC]

And there in lies what I think is the bigger issue. Your casual punter is going to be more inclined to think sod that and will either bet on the black market or not at all, further weakening the already weakening exchange markets.

The talked about intrusion into an individuals life is crazy just so you can have a bet.

Some other quotes from the speech:

"At high levels of gambling, more intrusive checks are appropriate. I also want to be clear that checks based on spend and financial circumstances must supplement rather than supersede all the existing requirements on operators to monitor play data, identify risk and intervene accordingly."

"Like GAMSTOP, a single customer view (SCV) solution will protect a person, not just their account with one operator.

It is of course vital that any data sharing is done safely, securely and proportionately. I am glad the Commission has worked closely with the Information Commissioner’s Office which has now confirmed that a single customer view can be delivered with these values at its core."

Are people going to be willing to share very private financial information not with just one bookmaker, but by in doing so all bookmakers and trust that they then use the information solely "for your protection against yourself" and nothing more....

You can read the full speech here:
https://www.gov.uk/government/speeches/ ... conference

[Naffman]

If you suffer from variance I would try and get as much money into your account asap

[Euler]

This is the silly thing. Nobody has a straight path up or down, so bad runs will trigger an affordability check and restrictions. Ensuring more net losers.